All agents do is fill out the agreement of purchase and sale. The lawyer's fee's would have been huge anyways IMHO. Not sure how much they sold it for but the bigger the property the more benefit to the owners getting together to hammer out the details.My parents sold their farm private and the lawyers fees were huge. They save a little, don't think it was worth the aggravation.
I sold my last home using Comfree in Manitoba. I paid $499 to them. For this fee they put a sign in front of my property and advertised on their website and in their weekly booklet. Once the buyer completed the offer to purchase (provided by Comfree) and I accepted it, we turned it over to our lawyers to do the rest.Has anyone ever NOT used a real estate agent to sell their home?
What was your experience like? How did you get buyers to view your home without using MLS? What mistakes did you make, and how would you have improved if you were to do it again?
Comfree is 600 bucks to list. This gets you web listed plus listed in the magazine, sign, paperwork, etc. Well worth the money.I have not sold my home but I just helped the owner sell a 2.2 million townhouse complex so I feel able to answer this question. We started in August and it sold in January and the closing was on the 15th of March.
We put an ad in the Toronto Star. That's it.
The most irritating thing about it was the number of agents that called to tell us to list with them. Most claimed they had buyers. I told them that if they had buyer to bring them by and we would be happy to pay a commission. Of the hundreds that called only two brought buyers.
I had a friend who "tried" to sell her house privately. All she did was put a sign up outside her house. Again she got tons of phone calls from agents and some people trying to get a steal. She "tried" for 2 weeks which really isn't a decent time frame IMHO.
People do sell their houses privately and are successful. There are also websites that specialize in FSBO listed properties. They charge around $500 which seems a bit high to me, but they may provide additional assistance I am not aware of.
I think you might have to pay the buying agents commission. The fact is that when you sell yourself, you only really save the selling agent commission.@ Alexandra
You are correct that realtors will refuse to show your property. In fact they often won't even show lower commission listings by other real estate agents.
The MLS listing service above for $109 is available in Toronto. You can pay the other half of the commission 2.5% but you will still save 2.5% - $109 or about 10,000 plus HST (depending on your house price)
Also for those who are interested I should have a post going up on www.milliondollarjourney.com about this very issue. I read the entire case and put my conclusions on the whole issue up for the whole world to comment
Well, the listing your property on MLS for $109 is a good start. Even if you give your buyer's agent 2.5%, you still save some coin.I think you might have to pay the buying agents commission. The fact is that when you sell yourself, you only really save the selling agent commission.
Eventually there will be lots of buyers without agents but right now - if you don't pay it then you are reducing your buying pool by quite a bit.